What Do The Top World Religions Say About Money?

Finance guru Dave Ramsey is a devout Christian. He often references the Bible when he teaches people about money. This got me curious as I wanted to know what the major religions teach about money. What I found was the major religions had more in common than I expected when it comes to personal finance. Keep in mind that these are just a few examples of the teachings and principles regarding money and wealth. It’s important to note that there is diversity within each of the religions mentioned, and individual interpretations and practices may vary. Here’s a brief overview of some of the perspectives from major world religions.

What you are about to read are just a few examples of the different perspectives on money and wealth from various religions.

Christianity

Currently the top world religion, it is estimated that Christianity has around 2.38 billion followers. Here are some of the key teachings and principles from the Bible and Christian tradition:

1. Money is not inherently evil, but the love of money can lead to greed and corruption. The Apostle Paul wrote, “For the love of money is a root of all kinds of evil” (1 Timothy 6:10).
2. Christians are called to be responsible stewards of the resources God has given them, including financial resources. Jesus Christ taught the parable of the talents (Matthew 25:14-30), which emphasizes the importance of using one’s gifts and resources wisely and for the glory of God.
3. Giving to those in need is a fundamental aspect of Christian faith. Jesus Christ said, “Sell your possessions and give to the poor. Provide purses for yourselves that will not wear out, a treasure in heaven that will never fail” (Luke 12:33). Christians are also encouraged to tithe, or give a portion of their income to the church (Malachi 3:10).
4. Christians are called to live simply and avoid excess. The Apostle Paul wrote, “But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it” (1 Timothy 6:6-7).
5. Christians are called to be honest and fair in their financial dealings. Proverbs 11:1 says, “The Lord detests dishonest scales, but accurate weights find favor with him.”
6. Debt should be avoided whenever possible. Proverbs 22:7 says, “The rich rule over the poor, and the borrower is slave to the lender.”
7. Christians are called to put their trust in God, not in money or wealth. Jesus Christ said, “Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also” (Matthew 6:19-21).

Islam

For a long time, Islam has been the fastest growing religion and it continues to be, with an estimated 1.91 billion followers. Here are some of the key aspects of Islamic finance:

1. Money and wealth are gifts from Allah, and should be used in accordance with His teachings. The Qur’an states, “O you who believe! Eat not up your property among yourselves unjustly except it be a trade amongst you, by mutual consent” (4:29).
2. Islamic finance is based on the principles of fairness, transparency, and risk-sharing. Interest-based transactions (riba) are prohibited, as they are seen as exploitative and harmful to society.
3. Zakat (charitable giving) is a fundamental tenet of Islam. Muslims are required to give 2.5% of their wealth to those in need each year. The Qur’an states, “And establish prayer and give zakat, and whatever good you put forward for yourselves – you will find it with Allah” (2:110).
4. Islam encourages ethical behavior in financial matters. The Prophet Muhammad (peace be upon him) said, “The seller and the buyer have the right to keep or return goods as long as they have not parted or till they part; and if both the parties spoke the truth and described the defects and qualities (of the goods), then they would be blessed in their transaction, and if they told lies or hid something, then the blessings of their transaction would be lost” (Sahih Bukhari).
5. Islamic finance emphasizes the importance of avoiding excessive risk and speculation. The Prophet Muhammad (peace be upon him) said, “Whoever guarantees me (the safety of) what is between his jaws (i.e. his tongue) and what is between his legs (i.e. his private parts), I guarantee him Paradise” (Sahih Bukhari).
6. Islamic finance encourages investment in productive assets and activities that benefit society. The Qur’an states, “Those who, when they spend, are neither extravagant nor niggardly, but hold a just (balance) between those (extremes)” (25:67).

Hinduism

As the third largest religion in the world, Hinduism is estimated to have 1.16 billion followers. Here are some of the key aspects of Hinduism’s teachings about money:

1. Money is considered a form of energy or power (shakti) that should be used wisely and for the greater good. The Hindu scriptures describe wealth as a means to attain higher spiritual goals, such as self-realization and the attainment of moksha (liberation from the cycle of birth and death).
2. Hindus are encouraged to practice dharma, or righteous conduct, in all aspects of life, including finances. This includes avoiding dishonesty, fraud, and exploitation in financial dealings, as well as treating others with respect and compassion.
3. Hinduism places great emphasis on the concept of karma, or the law of cause and effect. This means that one’s financial situation is seen as a result of past actions and decisions. Hindus are encouraged to make wise financial decisions in order to avoid negative consequences in the future.
4. Charity and giving (dana) are seen as important aspects of Hinduism. Giving to those in need is considered a means of accumulating positive karma and advancing on the path of spiritual evolution.
5. Hinduism also emphasizes the importance of moderation and avoiding excess in all aspects of life, including finances. The scriptures warn against the dangers of greed and attachment to material possessions, and encourage detachment and renunciation as a means to attain higher spiritual goals.
6. Finally, Hinduism teaches the importance of using wealth and resources for the greater good of society. The concept of seva, or selfless service, is central to Hinduism and encourages individuals to use their wealth and resources to help others and promote the common good.

Buddhism

Primarily a religion followed in parts of Asia, Buddhism is the fourth largest religion with an estimated 507 million followers. Here are some of the key aspects of Buddhist finance:

1. Buddhism emphasizes the importance of cultivating right understanding (samma ditthi) and right intention (samma sankappa), which includes developing a correct understanding of the nature of wealth and the role it plays in one’s life.
2. Buddhists are encouraged to practice the concept of dana, or generosity, which involves giving without expecting anything in return. This practice is seen as a means of cultivating compassion and reducing attachment to material possessions.
3. Buddhism also teaches the importance of living a simple and moderate lifestyle, and avoiding excessive consumption and extravagance. The Buddha himself lived a simple and austere life, and encouraged his followers to do the same.
4. Buddhists are encouraged to cultivate mindfulness and awareness in their financial dealings, and to avoid dishonesty and exploitation in their interactions with others.
5. The concept of interdependence is central to Buddhist teachings, and this includes recognizing the interconnectedness of all beings and the impact that one’s financial decisions can have on others. Buddhists are encouraged to consider the ethical implications of their financial decisions and to strive to act in a way that promotes the well-being of all beings.
6. Finally, Buddhism emphasizes the importance of detachment and non-attachment to material possessions, including money and wealth. The goal of Buddhist practice is to cultivate inner peace and happiness that is not dependent on external conditions or material possessions.

Conclusion

It is estimated that there are over 4000 religions in the world. The top four world religions outlined in this post make up about 67% of the world population. What I found is that Christianity, Islam, Hinduism, and Buddhism all teach about giving your wealth, practicing ethics, and avoiding excess. These teachings translate very well to the modern world. Much of financial law is based on religious teachings on financial ethics. Tax benefits are given to those who donate. Those with greed and excess often end up doing more harm to the world than good. I encourage you to re-read everything you just learned as these teachings are still very applicable to the modern world.